1 1 Part 1 of 7 14.28 points Required information The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic Inventory system Date Transactions Units Unit Cost March 1 Beginning inventory Total Cost 20 March 5 $185 Sale ($270 each $ 3,700 15 March 9 Purchase 10 205 March 17 Sale (5320 each) 2,050 8 March 22 Purchase 215 2,150 March 27 Ba le ($145 ach 12 March 30 Purchase 235 2.115 $10,015 Skipped 20 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. Required: 1. Calculate ending Inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold 2 Part 2 of 7 Required information [The following information applies to the questions displayed below) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system Date Transactions March 1 Beginning Inventory Unite Unit Coot Total cost 20 5.185 $ 3,700 March 5 Sale (270 each) 25 March 9 Purchase 10 2,050 March 17 Sale $320 each) 8 March 22 Purchase 10 215 2,150 March 27 Sale (9345 each 12 March 30 Purchase 235 $10,015 14.28 points 205 9 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 solo consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31 Ending inventory Cost of goods sold 3 Part 3 of Required information [The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Coat March Beginning inventory 20 $185 $ 3,700 5 Sale ($270 each) 15 March Purchase 10 205 2,050 March 17 Sale ($320 each) 8 March 22 Purchase 215 2,150 March 27 Sale (5345 each) 12 March 30 Purchase 235 2,115 510,015 1 14.28 points March 9 10 9 For the specific identification method, the March 5 sole consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase 3. Using LIFO, calculate ending Inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Saved 4. Required information [The following information applies to the questions displayed below.) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March Greg's Bicycle Shop uses a periodic inventory system. Date tin Unito Unit cout Total Coat March 1 Beginning inventory 20 $185 $ 3,700 March 5 sale ($270 each) 15 March 9 Purchase 10 205 March 17 Sale (5320 each 2,050 March 22 Purchase 10 215 2,150 Sale ($345 each) 12 March 30 Purchase 9 235 $10,015 Part 4 14.28 point March 27 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the Morch 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase 4. Using weighted average cost, calculate ending Inventory and cost of goods sold at March 31, (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold 5 Parts of Required information [The following information applies to the questions displayed below) Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March Greg's Bicycle Shop uses a periodic inventory system. Transaction Unita Unit Cost Total Cost Maron Beginning inventory 20 $185 $ 3,700 Mareh 5 l (4270 vnch) 15 March Purchase 10 205 2,050 March 12 Sale (5320 each) March 22 Purchase 10 215 2,150 March 27 Hal (J45 40 tn) 12 March 30 Purchase 235 2.115 $20.015 Date 1 14.28 points 9 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted average cost amounts to 2 decimal places) Specific Identification FIFO LIFO Weighted average cost Sales revenue Cost of goods sold Gross proft Help Save & E 205 March 5 March 3 March 12 Mareb 22 March 27 Mareh 30 2,050 6 sale (5270 ch Purchase Bale (320 each Purchase HAI (1145 Hach ) purchase 15 10 B 10 12 9 2.150 215 235 2,115 610,015 Part 6 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase 1428 6. Comparing Pro and LIFO, which one provides the more meaningful measure of ending inventory? Multiple Choice HO Required information 7 View transaction list Part 7 of 7 Journal entry worksheet